After a brief dip towards local lows around 104.00, the greenback has settled in positive territory
EURUSD
The US dollar finished higher on Tuesday, retaining a modest bullish bias today. After a brief dip towards local lows around 104.00, the greenback has settled in positive territory, but the recovery impetus looks too modest so far at this stage. As such, the dollar struggles to attract more decisive demand, still lacking the upside momentum to retarget the 105.00 level that capped gains last week. As such, the USD index stays in a cautious mode, oscillating below the psychological figure in anticipation of fresh drivers. The technical outlook has improved somehow over the last couple of days. In recent trading, the dollar was changing hands around 104.31, up 0.19% on the day. Meanwhile, EURUSD failed to make a sustained bounce as dollar demand reemerged. The pair holds above the 1.0800 figure, staying under pressure for a second session in a row. In European trading on Wednesday, the single currency has settled around 1.0873, shedding 0.05% on the day. On the weekly charts, the broader technical picture remains relatively upbeat despite the recent slide.
GBPUSD
The pound rallied to fresh more than two-month highs during the previous session before erasing gains to finish in negative territory. GBPUSD saw fresh highs around 1.2820 to retreat eventually. However, the pair refrained from deeper losses. The cable has settled above the 1.2750 level on Wednesday, with buyers on the sidelines after the recent slide. As such, the pair stayed around the upper end of the trading range, suggesting the upside bias could reemerge in the near term. In recent trading, GBPUSD has settled in negative territory, with downside pressure persisting at this stage. In a wider picture, the technical outlook has deteriorated after the latest decline. The daily RSI is now slightly bearish in neutral territory, suggesting potential sellers could stay in the game in the immediate term. In recent trading, GBPUSD was changing hands around 1.2770, down 0.05% on the day. On the flip side, the immediate significant support is now represented by the 1.2740 region that capped the decline overnight.
USDJPY
USDJPY bounced on Wednesday after a two-day decline that was capped by the 154.55 region during the previous session. Despite the lack of an upside momentum, the pair stays elevated after recovery from the mentioned local lows. After a dip, the pair jumped back above the 156.00 figure, looking relatively resilient. The latest ascent was capped by the 157.80 zone, but the greenback now needs to regain the 157.00 figure that represents the immediate significant upside target for the time being. The pair was last seen changing hands around 156.19, up 0.86% on the day. Now, the greenback needs to hold above the 156.00 region in order to stay afloat and make fresh bullish attempts, with multi-year highs around 160.00 in focus. The daily RSI turned bullish, suggesting the pair could refrain from sustained bearish attempts in the near term. Should the pressure reemerge, the dollar may derail the 156.00 intermediate support, but it looks like the pair will resume the ascent after some hesitation.
XAUUSD
Gold prices turned slightly bullish on Wednesday after finishing lower overnight. The bullion needs to shrug off a modest bearish pressure to retarget the $2,400 region that represents the intermediate barrier on the way to all-time highs seen around $2,455 in April. Now, the XAUUSD pair needs some momentum to stage a bounce, with prices hesitating to extend the ascent so far. The downside potential looks limited at this stage, however. In recent deals, the XAUUSD pair was changing hands around $2,352, up 0.22% on the day. On the weekly timeframes, the technical picture stays neutral, with wider picture remaining upbeat after reaching fresh all-time highs. On the upside, the immediate significant target is now represented by the $2,400 zone, followed by the mentioned record tops. Downside risks look limited while above the $2,300 region. Should dollar demand reemerge in the near term, the bullion may see another retreat.
